Quick answer A Mercury repower in Ontario finances through the TD 'Always On' {{LIVE_RATE}} program (OAC). A Mercury 115 Pro XS at ## Quick answer 7,490 runs about ## Quick answer 20/month, and a 150 Pro XS at A Mercury repower in Ontario finances through the TD 'Always On'...
Quick answer
A Mercury repower in Ontario finances through the TD 'Always On' 5.48% APR program (OAC). A Mercury 115 Pro XS at ## Quick answer
7,490 runs about ## Quick answer
20/month, and a 150 Pro XS at A Mercury repower in Ontario finances through the TD 'Always On' 5.48% APR program (OAC). A Mercury 115 Pro XS at $17,490 runs about $120/month, and a 150 Pro XS at $24,349 runs about $167/month, on a 240-month amortization basis. No down payment is required for qualified buyers. The program ends December 31, 2026, after which standard tiered rates resume: 8.99% APR under $10,000, 7.99% APR at $10,000 and up (as of July 2026; see current promotions).
Last reviewed: 2026-06-02
Every repower customer asks the same question before they ask for a quote: what would this actually cost per month?
This page does the math. Real Mercury repower price tiers, Ontario tax treatment, the actual lender path we use, current rates, and the monthly payment numbers we'd quote you.4,349 runs about ## Quick answer
67/month, on a 240-month amortization basis. No down payment is required for qualified buyers. The program ends December 31, 2026, after which standard tiered rates resume: 8.99% APR under $10,000, 7.99% APR at $10,000 and up (as of July 2026; see current promotions).
Last reviewed: 2026-06-02
Every repower customer asks the same question before they ask for a quote: what would this actually cost per month?
This page does the math. Real Mercury repower price tiers, Ontario tax treatment, the actual lender path we use, current rates, and the monthly payment numbers we'd quote you.
How HBW finances Mercury repowers
HBW arranges Mercury repower financing through Dealerplan Peterborough, our broker. Dealerplan works with all major Canadian banks. The most common lender for HBW customers is TD Auto Finance, also National Bank and RBC depending on the file.
A common misconception: Sheffield Financial is a Mercury Marine financing partner in the United States. Sheffield is NOT available in Canada. The HBW Canadian equivalent is TD Auto Finance through Dealerplan Peterborough.
HBW's current standard rate is 5.48% APR through the Mercury TD "Always On" program, available through Dec 31, 2026 (OAC). After the program ends on Jan 1, 2027, standard tiered rates resume: 8.99% APR under $10,000, 7.99% APR at $10,000 and up. Mercury Canada has at times run short promotional rates (2.99% and 4.9% have both appeared in past years); anything currently active is on the promotions page (as of July 2026).
What this financing path gives you:
- Fixed APR (no rate changes during the term)
- $0 down payment required for qualified buyers
- $5,000 minimum loan amount
- Approvals typically returned in under 24 hours
- Terms from 60 to 120 months (the 120-month option is in high demand for 250+ HP repowers)
- No prepayment penalty
Ontario HST: how it gets handled
In Ontario, every new outboard purchase is subject to 13% HST. The HST is collected at the time of purchase. Most customers roll the HST into the financed amount. You can also pay HST at closing and finance only the engine.
| Engine |
Installed Price |
+ 13% HST |
Total If Financed With HST In |
| Mercury 9.9 ProKicker + install |
$5,000 |
$650 |
$5,650 |
| Mercury 60 FourStroke EFI |
$9,500 |
$1,235 |
$10,735 |
| Mercury 90 FourStroke |
$14,960 |
$1,945 |
$16,905 |
| Mercury 115 Pro XS |
$17,490 |
$2,274 |
$19,764 |
| Mercury 150 Pro XS |
$24,349 |
$3,165 |
$27,514 |
| Mercury 250 V8 Pro XS |
$42,000 |
$5,460 |
$47,460 |
Prices here are planning figures as of July 2026. For live Mercury motor pricing, see the Mercury pricing reference.
The tables below show principal-only monthly payments (HST paid separately at closing).
Amortization scenarios: active TD 5.48% program vs. post-promo 7.99% legacy
The primary column below is the active TD "Always On" 5.48% APR program (240-month amortization basis, 60-month contract with balloon; as of July 2026, see current promotions). The secondary column shows a post-Dec 31, 2026 legacy 7.99% APR scenario for context; standard tiered rates after the promo are 8.99% APR under $10,000 and 7.99% APR at $10,000 and up.
Python-verified math using M = P x [r(1+r)^n] / [(1+r)^n - 1].
| Engine |
Installed (CAD, pre-HST) |
TD 5.48% APR (240-mo amort) |
Legacy 7.99% APR (term) |
| Mercury 9.9 ProKicker |
$5,000 |
$34/mo |
$101.36/mo (60 mo) |
| Mercury 60 FourStroke EFI |
$9,500 |
$65/mo |
$192.58/mo (60 mo) |
| Mercury 90 FourStroke |
$14,960 |
$103/mo |
$233.10/mo (84 mo) |
| Mercury 115 Pro XS |
$17,490 |
$120/mo |
$272.52/mo (84 mo) |
| Mercury 150 Pro XS |
$24,349 |
$167/mo |
$295.29/mo (120 mo) |
| Mercury 250 V8 Pro XS |
$42,000 |
$288/mo |
$509.35/mo (120 mo) |
All amounts in CAD. HST not included in principal. Primary rate: 5.48% APR (TD Always On program through Dec 31, 2026, 240-month amortization basis, 60-month contract with balloon). Secondary rate: standard tiered legacy resuming Jan 1, 2027 (8.99% APR under $10,000, 7.99% APR at $10,000 and up).
The HBW on-water repower test
Repowers are the highest-risk install in our shop. At HBW we water-test every repower under load before delivery: cold start, idle quality, low-speed handling, on-plane behaviour, top-end RPM at WOT, charging system under load. If the prop is wrong or the rigging has a problem, we catch it at our dock. Every repower gets an on-water test on Rice Lake before pickup. No exceptions.
Common mistakes
- I will use Sheffield Financial like I saw on Mercury's US website. Sheffield is USA-only. Canadian buyers cannot use Sheffield. The HBW path is TD Auto Finance via Dealerplan Peterborough, currently at 5.48% APR under the TD Always On program through Dec 31, 2026.
- I'll pull from my line of credit instead. HELOC at prime + 2-3% is materially higher than the active TD 5.48% APR program, plus variable-rate risk. A fixed 5.48% loan with no prepayment penalty is usually cleaner.
- I want zero interest financing. The active TD Always On 5.48% APR (OAC) is the headline rate through Dec 31, 2026 (as of July 2026; see current promotions). Mercury Canada has at times run short promotional campaigns (2.99% and 4.9% have both appeared in past years); anything currently active is on the promotions page. Outside those windows and after Jan 1, 2027, standard tiered rates resume: 8.99% APR under $10,000, 7.99% APR at $10,000 and up.
- I'll finance through my own bank to get a lower rate. Possible, but TD 5.48% APR via Dealerplan is hard to beat right now. Major Canadian banks lending directly typically require 10-20% down. The Dealerplan-arranged path is usually faster (under 24 hours).
Other Canadian financing options
| Lender / Path |
Rate context |
Down required |
| TD Auto Finance via Dealerplan (HBW) - active program |
5.48% APR (TD Always On, OAC) through Dec 31, 2026 |
$0 |
| TD Auto Finance via Dealerplan (HBW) - post-promo from Jan 1, 2027 |
Tiered legacy rates: 8.99% APR under $10,000, 7.99% APR at $10,000+ |
$0 |
| National Bank via Dealerplan (HBW) |
Similar to TD; eligible for active 5.48% program |
$0 |
| RBC via Dealerplan (HBW) |
Similar profile |
$0 |
| Direct bank marine loan |
Prime + spread |
10-20% typical |
| LBC Capital / Newcoast / BoatLoansCanada |
6.45%+ secured; 9.75%+ unsecured |
Varies |
The current Mercury financing rate (as of 2026-05-28)
Through December 31, 2026, Mercury Marine Canada's TD "Always On" program is the active canonical Canadian rate:
- 5.48% APR (OAC)
- Term up to 60 months (customer's choice)
- Amortization up to 240 months (20-year payment basis)
- Eligible: new Mercury outboards only
Funded through TD Auto Finance via HBW's Dealerplan Peterborough relationship. Live program card at mercuryrepower.ca/promotions. On Jan 1, 2027, standard tiered rates resume: 8.99% APR under $10,000, 7.99% APR at $10,000 and up (as of July 2026; see current promotions).
What the 240-month amortization actually means
The amortization is the basis used to CALCULATE your monthly payment. It is NOT how long you will be paying. Your contract term is up to 60 months. At maturity, the remaining principal is due as a balloon payment.
Worked examples at HBW pricing (active TD 5.48% program)
| Motor |
Financed |
Monthly (240-mo amort) |
Principal at month 60 |
| Mercury 90 ELPT FourStroke |
$14,960 |
~$103 |
~$12,600 balloon |
| Mercury 115 ELPT Pro XS |
$17,490 |
~$120 |
~$14,720 balloon |
| Mercury 150 L Pro XS |
$24,349 |
~$167 |
~$20,500 balloon |
Three real options at month 60: pay the balloon, refinance the balance, or trade in toward a new motor. Most repower customers plan for the trade-in path.
If a $12,000 to $20,000 balloon at year 5 would be uncomfortable, ask about a shorter amortization basis. Higher monthly payment, cleaner end-of-term position. We walk through both versions on a quote.
Ready to build a real quote?
Build a quote at mercuryrepower.ca. If you want to talk through the math or start a pre-approval through Dealerplan Peterborough, call HBW direct.
Phone: 905-342-2153
Email: info@harrisboatworks.ca
Configurator: mercuryrepower.ca
Harris Boat Works, 5369 Harris Boat Works Rd, Gores Landing, ON. Mercury Marine dealer since 1965, current Premier Dealer. The only Mercury dealer on Rice Lake. The only brand-name outboard service of any kind on Rice Lake.
Sources
- Mercury Canada promotional financing examples (2025-2026)
- Ontario HST treatment on marine purchases
- Amortization math verified with Python using standard formula M = P x [r(1+r)^n] / [(1+r)^n - 1]
- HBW current Mercury Pro XS pricing: 115 ProXS $17,490, 150 ProXS $24,349 (as of 2026)
